LONDON (Reuters) - Hedge fund Polygon Global Partners, which is an investor in Sky SKYB.L, said the outcome of the English Premier League football rights auction supported its view that the takeover by Twenty-First Century Fox (FOXA.O) undervalues the British company.

“From the time of Fox’s offer, we recognised that Sky was worth far more than offered,” Nicolas Dautigny, a senior portfolio manager at Polygon, said in a statement to Reuters. “Yesterday’s news reinforces our view.”

Following the auction of domestic Premier League rights for 2019-22, Sky said it would be spending 16 percent less per game than under its present three-year deal.

Shares in Sky rose 3.5 percent to a two-year high of 10.98 pounds earlier on Wednesday, exceeding the 10.75 pounds per share that Fox agreed to pay for the group in December 2016.